Global Endoscopy Devices & Equipment Market Study | Industry Set to Reach $16.6 Billion by 2022 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 13, 2019--
The “Endoscopy Devices And Equipment Global Market Report 2020” report has been added to ResearchAndMarkets.com’s offering.
The global endoscopy devices and equipment market was valued at about $12.8 billion in 2018 and is expected to grow to $16.59 billion at a CAGR of 6.7% through 2022.
Major players in the market are Olympus Corporation, Fujifilm, Boston Scientific Corporation, CONMED Corporation, and Stryker Corporation.
The endoscopy devices and equipment market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the endoscopy devices and equipment market.
Rise in incidence and prevalence rates of gastrointestinal (GI) diseases is driving the endoscopy devices and equipment market. The increasing incidence of gastrointestinal diseases such as colorectal cancer, gastroesophageal reflux disease, ulcerative colitis (UC), inflammatory bowel disease (IBD), and Crohn’s disease (CD) are supporting the endoscopy devices and equipment market. The endoscopy devices are used in performing non-invasive or minimally invasive surgical procedures to treat life-threatening diseases.
The Asian countries have the highest prevalence rates of gastrointestinal diseases such as cancer. In 2016, according to World Cancer Research Fund, the annual ranking of Asia-Pacific countries with the highest incidence of stomach cancer are Korea, with every 42 persons per 100,000 suffering from cancer, Japan with 30 per 100,000 and China with 23 per 100,000 ranked as 1, 3, and 5 respectively. Due to the rising prevalence of GI diseases, developing countries are experiencing high demand for minimally invasive surgical procedures, increasing the demand for endoscopy devices.
Regulatory changes are likely to increase costs related to new product development and service offerings to clients. These changes are related to customer data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to equipment approval procedures and other regulatory changes. For instance, according to a report by Ernst and Young (EY) in 2018, Fortune 500 companies are spending $7.8 billion to comply with GDPR regulations.
The GDPR regulation is an EU law on data protection and privacy of individuals residing the European Union and the European Economic Area (EEA). It also regulates the export of personal data outside the EU and EEA areas. Additionally, the FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k) by over 55% over the last decade. The potential loss of revenue due to delay in product release and additional costs incurred due to stringent approval processes puts strain on investments relating to new product development, thereby affecting the growth of the market.
Companies in the endoscopy devices and equipment market are increasingly developing endoscopy robotic systems as they are more flexible, effective than the conventional endoscopy devices. These robotic endoscopy devices help in eliminating difficulties in therapeutic endoscopy, expanding endoscopy’s vision and reach, reducing labor intensity, improve communication, reach, vision, control, and the ability to perform an endoscopy. These devices are used in gastrointestinal surgeries, urology/gynecology surgeries, ENT surgeries, cardiovascular surgeries, neuro/spinal surgeries, laparoscopy surgeries and arthroscopy surgical applications.
In 2018, Medineering announced the use of its robotic solution-Medineering Robotic Endoscopy. Furthermore, companies such as Johns Hopkins, Auris Health, a subsidiary of Johnson & Johnson, and Intuitive Surgical, are investing and developing advanced endoscopy devices through flexible robotic endoscopy.
Medicines and Healthcare products Regulatory Agency(MRHA), a regulatory body for medical devices of the UK, is a regulatory body governing drug and device alerts, drug safety updates, blood regulation and safety, marketing authorizations and licensing guidance, medical devices regulation and safety and many other activities. According safety guidelines by MRHA, the medical device manufacturing companies in the industry recall their medical devices if any problem or defect is detected.
For instance, in February 2019, US Endoscopy Inc., an endoscopy device design and manufacturing company, voluntarily sent an urgent product recall notice to the end-users of Padlock Clip defect closure system in order to detect the problem with the device. This product was recalled as the company received a MRHA report indicating esophageal laceration during the patient procedure where Padlock Clip defect closure system was used. In order to reduce incidences associated with the endoscopy devices, with respect to MRHA safety concerns on medical devices, the company examined the implant and corrected it.
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INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Research and Markets
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PUB: 11/13/2019 06:49 AM/DISC: 11/13/2019 06:49 AM